The T+1 Technical Group (TGT) of the UK Accelerated Settlement Task Force (AST) has published its proposed recommendations for the UK’s transition from a T+2 to a T+1 securities settlement cycle. The draft recommendations, focusing on enhancing efficiency and reducing risk in equity market settlements, are open for consultation until 31 October 2024.
The global shift toward a T+1 settlement cycle aims to bring quicker and more efficient settlements through enhanced automation, expected to become standard practice within five years. Following the UK government’s commitment to move to T+1 by 31 December 2027, this interim report outlines key recommendations for market participants and invites feedback. The final report, expected in December, will incorporate stakeholder feedback and outline detailed timelines and guidance for the transition.
“This interim report is a key milestone in the UK’s journey to T+1 settlement and I’d like to extend my gratitude to all those involved in crafting this report and providing the depth of industry expertise needed to shape these draft recommendations,” says Andrew Douglas, Chair of the T+1 Technical Group. “As an independent, inclusive working group, supported by the public authorities, I’m calling on all market participants to engage in this consultation so that together we can ensure the final recommendations for implementation reflect the full spectrum of industry needs.”
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